Revenue Cycle Management Services

Outsource Revenue Cycle Management Services

The process of handling insurance claims, processing payments, and generating revenue in a systemized way is known as Revenue cycle management (RCM) in the healthcare industry. This process takes over as soon as a patient sets up an appointment with the doctor and continues until the balance reflecting against his account turns to zero. From checking the patient's insurance eligibility to checking the claims against the correct medical codes, there are many steps involved in making sure the process goes as smoothly as possible. In the modern healthcare industry, systemized revenue cycle management outsourcing is extremely important for a smoother administrative experience and better revenues.

Flatworld Solutions provides high-quality and cost-effective revenue cycle management solutions to global customers. We can help you collect payments on submitted claims, increase the revenue from underpaid claims, and follow-up with insurance companies for quick settlements. In addition, we can also help with your medical billing and coding tasks as well as complete patient registration and eligibility verification. Leveraging our expertise can help you -

  • Improve your collection ratio
  • Increase the probability of payment
  • Increase revenues

Our Revenue Cycle Management Services

Revenue cycle management has a significant impact on the way your hospital or medical practice functions. The rising cost of healthcare combined with strict regulations which keep changing regularly has made daily operations a chore for healthcare operators. A modern healthcare provider needs policies and practices in place to remain financially secure. With our customized revenue cycle solutions, you can see a visible impact on your day-to-day operations while benefiting from enhanced customer satisfaction and improved claims submission and returns.

Whether you are a healthcare provider or an individual physician, we can provide services that will meet your exact needs. Our wide range of healthcare revenue cycle management services include -

  1. Patient Registration

    We can help you process your patients' personal, demographic, and all insurance-related information. At each step of the process, we ensure that we verify and validate patient information. During this step, easy identification of insurance mismatch, wrong provider details, etc. can help you avoid losses down the line.

  2. Claims Submission

    We can manage both electronic claims submissions as well as submission of paper claims. Our experienced team prepares Explanation of Benefits (EOBs) and submits the claims to the insurance company.

  3. Medical Coding

    Strict regulations and increasing instances of self-pay have led to increased risk in medical coding. Our accurate medical coding services can help you create and streamline patient records within a short period of time, while accelerating physician payments. Our team is comprised of Certified Professional Coders (CPCs) accredited by the American Academy of Professional Coders (AAPC). They work in accordance with the updated standards and methodologies laid down by CMS, Medicare contractors, AMA, medical societies, and federal organizations.

  4. Charge Capture

    Charge capture is extremely important since it helps doctors accurately record the entire information of services provided. This information is then sent to different payers and insurance companies for quick and timely reimbursement. We can process charges for multiple specialties within a short turnaround time. We have extensive experience in handling -

    • Medicare
    • Third Party Liability
    • Medicaid
    • Managed Care
    • Preferred Provider Organizations
    • Indemnity Insurers
    • Workers Compensation
  5. Payment Posting

    We can ensure quick and accurate posting of all payments into your billing system. We also do regular auditing of all posted payments, which helps to reduce errors.

    Read our article which highlights the 5 key advantages of payment posting in medical billing.

  6. Denial Management Services

    Insurance claim denials are a major pain point for healthcare businesses around the world. We can help you analyze, correct, and re-submit denied claims. This process includes identifying denials by revenue coding and CPT/HCPCS codes. Once this is done, the reason for the denials is analyzed and a detailed denial management report is prepared. In this way, you can effectively manage claim denials.

    Read our article which provides 7 tips to improve denial management of healthcare claims.

  7. Accounts Receivables Services

    We can help you identify patient accounts that require follow-ups and take the requisite action to collect unpaid/underpaid claims. Our services include -

    • Identification of the grounds for claims denials
    • Analysis of receivables
    • Follow-ups on pending claims

    We can also prepare monthly reports that can help you manage your cash flow and increase profitability. These include reports related to -

    • Aging A/R
    • Charges, payments, and adjustments
    • Payment punctuality for different Payers
    • Payer mix

    In this way, we provide a range of hospital revenue cycle management services that can help you work better.

  8. Custom Reporting

    Our services are ideal for healthcare providers who want a 3600 outlook of their RCM system, and how it's affecting their bottom line. We create custom reports through powerful dashboards which you can access from any location and device. Our services consist of -

    • Charge and Payment reports
    • Procedure frequency and diagnosis reports
    • Payment reimbursement reports
    • Lockbox reconciliation reports
    • Payor analysis reports

Benefits of Outsourcing Revenue Management Services to FWS

When you outsource revenue cycle management services to us, we ensure complete reliability and peace of mind for the duration of the project. From the front desk to the back-office, our experience in working with some of the world's leading healthcare providers allow us to provide customized services based upon your requirements. Some of the benefits of partnering with us include -

  • Our custom-designed RCM system can simplify your billing and collection cycle while allowing you to easily register, appoint, process, and schedule the payment
  • Our revenue cycle management software can easily communicate with your in-house EHR system and other accounting systems
  • With our support team of experienced individuals, you can easily bridge the business and clinical aspects of your healthcare or medical practice
  • All your patient and healthcare data are securely stored in the cloud so that you and your employees can easily access them whenever required
  • Our RCM system reduces the time gap between providing services and receiving payment by ensuring all the insurance providers are notified and followed up with routinely
  • Our system also has built-in capabilities to capture incorrect insurance information or previously flagged information to reduce the number of denied claims
  • It allows your healthcare staff to enter the required information for claims processing while avoiding resubmission of claims
  • You can leverage our inbuilt data dashboards to gain a top-down perspective of your current business and where the process might be slowing your overall growth

Why Outsource Revenue Cycle Management to Flatworld Solutions

Testimonials

Thank you ALL for all that you do! You're providing STELLAR services.

Director of Revenue Management Operations,
Medical Company in Illinois
More Testimonials »

The need for continuous, reliable RCM process services has now reached a tipping point. Shrinking reimbursements are just the tip of the iceberg, as healthcare providers lose time, money, and employee hours chasing an insurance payment within their turnaround time. At FWS, we believe in approaching this problem in a holistic manner and inspect all parts of the service - from payer credentialing to billing and collection so as to ease your workload and give a massive boost to your business. Some of the main reasons why global healthcare providers choose us as their partner include -

  • Cost-effective solutions and improved cash flow as payor accounts are settled in time
  • Leverage our HIPAA compliant processes for better revenue collection
  • Highly secure services and rest assured all your data is completely safe with us
  • With us, you get to have 100% coverage of your unpaid accounts while being able up to follow up on hanging payments easily
  • Improved patient, physician, and stakeholder satisfaction
  • Reduced staffing training time and human resource expenditure
  • Get access to trained personnel without making any additional investments
  • Save up to 60% on your operating costs
  • Access 24/7 services that ensure faster turnaround times
  • Conduct periodic follow-ups to increase collections
  • Leverage sophisticated technologies to your advantage

Partner with Flatworld Solutions to Outsource Revenue Cycle Management Solutions

Flatworld Solutions has been a pioneer in providing quality revenue cycle management services and a series of other healthcare services. We are committed to building lasting relationships with our customers. Our revenue cycle management services put your needs first. We have extensive experience of working with global clients, which gives us the knowledge that can help you achieve accelerated growth and improved process efficiencies. Contact us to outsource revenue cycle management services.

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